Dear Valued Investors and Partners,

The economic landscape has evolved significantly since my last message in mid-2024. While some uncertainties persist, specific trends have become more apparent, impacting our investment strategy and requiring continued adaptability.

Our decision to focus on building a strong cash position remains a core element of our strategy. This approach allows us to maintain flexibility and capitalize on emerging opportunities as market conditions evolve. The focus on liquidity is a strategy many in the investment community share as a buffer against potential market volatility. While concerns about economic slowdowns in Europe, particularly in key economies like Germany, and the ongoing adjustments in the Chinese economy persist, we also observe areas of resilience and potential growth. We continue to analyze these developments to identify specific sectors and regions that offer compelling investment prospects.

Our investment strategy prioritizes risk mitigation and the pursuit of profitable opportunities. We remain committed to focusing on high-growth sectors such as AI and Blockchain while strategically allocating capital to sectors demonstrating resilience in the current economic climate. Our expansion in the agricultural and food industries in Türkiye and Hungary continues, driven by the long-term growth potential and stability of these markets. We are observing increasing investor interest in these sectors globally, driven by concerns about food security and supply chain resilience. We are also closely monitoring advancements in small-cap companies and actively seeking opportunities aligning with our investment criteria. The small-cap segment can offer significant growth potential, and we are employing rigorous due diligence to identify promising investments.

I sincerely appreciate your continued support and partnership. I am confident that our strategic approach positions us well to navigate the current economic environment and deliver long-term value for our investors. I extend my best wishes for a joyful holiday season and a prosperous New Year to you and your families.

Sincerely,

Murat Karabay

CEO, Globtec Investment LLC

Budapest, December 23. 2024